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Financial consultant: District plans $6M–$13M in capital from 2025 bonds; resolution set as 'not to exceed' $16M
Summary
District financial advisor outlined a proposed 2025 bond plan that would generate roughly $6 million in capital this year and about $13–13.5 million overall, with a not-to-exceed resolution of $16 million to preserve flexibility; the board will consider an action item next week.
Bob Damron, the district's financial consultant, presented the annual bond and debt update to the Colleton County School District Committee of the Whole on March 11, describing a planned 2025 bond issuance and the district's overall debt picture.
Damron told the board the spring and fall bond issuances combined should produce about $6 million in capital available this year and roughly $13.5 million in new capital overall; the resolution drafted for board action next week would be “not to exceed $16,000,000” to allow flexibility if the county’s assessed values end up higher than estimated. He said the plan is sized to preserve the current debt-service millage at 54.5 mills.
The presentation summarized the district’s outstanding indebtedness at roughly $50.9 million across four issues and noted that most of those obligations mature in the next five to seven years. Damron said the district previously approved a refunding resolution in October for a major issue that becomes callable in June 2025; he said market savings on that refunding are currently roughly 2.75% but the team would target about 4% if possible before proceeding.
Damron outlined the timing and uses: a spring bond payment primarily covering interest and debt service obligations, and a larger fall issuance that would include most of the new capital (about $5 million of new money in his estimate). He described the not-to-exceed amount as a conservative buffer so officials need not return late in the process if county collections are larger than forecast.
Damron also walked the board through constitutional debt-capacity figures included in the packet, saying the district would retain capacity after these issues (about $6.6 million of the cited capacity remained, according to the materials) and could access additional funds for emergencies without a voter referendum.
No formal action was taken on the bond resolution at the March 11 meeting; Damron and staff said the board would see a resolution for action at the next regular meeting once year-end numbers are finalized.
